Ode to Walt

It is a beautiful day in sunny Bloomington, IN...not that I would know as I seldom see the outdoors these days. I have completed two weeks of classes and it is safe to say that things are picking up. Fortunately, having an accounting/finance type background has made these first couple of weeks pretty light for me. Sure, I have to do all the same homework and readings, but I don't have to learn the material on top of all that. I just have to read enough to make sure I remember everything (which is surprising considering the number of brain cells I have annihilated since my arrival).

This post is going to be a little different. After an accounting review session this afternoon, the first-year MBA students received some sad news. One of our most beloved professors (if not the most) is taking a brief leave of absence to deal with some health issues. His name is Walt Blacconiere (link to bio). He teaches the introductory accounting course here at Kelley. The fact that he is an accounting professor and still everyone's favorite should say something in-and-of itself. For those fortunate enough to have him as a professor, accounting is never the same. These are less my thoughts (as I have only had four classes with him to date) and more the common theme from virtually every student that has come through Kelley since Walt's arrival.

To give you an idea of what he is like, let me provide some brief class overviews: Class 1 - runs around the classroom like someone who just downed a gallon of espresso (this is a recurring thing), "leaves" hand on the projector (a little freeze frame technique good for laughs), confesses in bio that he like to touch himself (he was referring to his hair...I think); Class 2 - stands on desk to take picture of the class, confesses obsession with women accountants (his wife was a tax accountant...and every girlfriend prior to her); Class 3 - "Grunge" themed session in which he straightens his hair, plays Nirvana videos and wears an oversized flannel shirt and jeans (if you dressed in theme he would not call on you during class); Class 4 - and by far the most impressive, he goes around the entire class naming each student. He did this for all 3 classes, meaning within 2 weeks and after only 4 sessions he had memorized the name of each student in my class...over 200 in total.

After reading that you might be thinking two things: 1) this guy is crazy (and you may be right), and 2) are the students actually learning any accounting? Now, I could give you my own opinion on the matter, which is a resounding yes. Instead, I would rather just point out (or remind all of you who closely monitor the MBA rankings) that the faculty at Kelley teaching the first semester core (this includes Walt) was ranked #1 by BusinessWeek. Additionally, Princeton Review ranked Kelley as having the #1 MBA teaching quality. Without question Walt played a role in those accomplishments.

Walt's theme in life is that he cares about everyone he comes in contact with. He cares about his family, his colleagues, Indiana University, accounting and the 200 people who showed up 2 weeks ago to learn accounting (most against their will). He also cares about the thousands that have come before us and probably anyone who would come to him for help. He understands that what he teaches is not the most interesting topic for most, so he teaches it in a way that makes it fun to enjoyable. Walt's goal is to be back in the classroom by October and we are all praying for his healthy return. I have no doubt that he will fight through this and come back stronger than ever. Until then, we will miss him and wish him the best.

Greetings from Bloomington

After a relaxing 7 hour drive in a 16 foot Penske, I finally arrived in Bloomington, IN. I have been here for over 2 weeks, but it feels like much longer. I am not sure if that is a good or bad thing.

I am going to utilize this post as an introduction to what I have learned thus far: Bloomington, Nightlife, Golf, and Apartment. Since classes do not start until the 28th, I will wait to give you the lowdown on the program (as everyone likes to call it).

Bloomington: Bloomington is a little liberal hub in the middle of an extremely conservative state. This is a good thing because most of the arts (theatre, concerts, etc) usually make their way through town, instead of going to the much larger Indianapolis. From a culinary perspective, there is a street in which the houses have been converted into a global smorgasbord of restaurants. There is everything from Thai to French cuisine. I, of course, have chosen to eat at Cheeseburger in Paradise instead. Like every other college town, the bar scene is plentiful. Ultimately, Bloomington seems great and am looking forward to my next couple of years here.

Nightlife: Hopefully my wife does not read this, but I think I have drank every night since I have been here but one. The one I missed was due to our orientation case competition presentations being the next day. I, along with a group of guys, have a little functioning alcoholics challenge going in which you have to have at least 3 drinks each night to "qualify," or remain in the competition. We are thinking about making t-shirts; the whole nine yards. I know, I cannot believe it either, but all of this will change once classes start (thankfully). Something that helps us accomplish this is none other than our wonderful business school. For every evening they have scheduled what is called a "D-Bar" or destination bar in which they will supply anywhere from one drink to an open tab. Last Thursday, we rented out a local brewery and it was all you can drink beer and wine. Another night we rented out a bowling alley and there was an open tab. As you can imagine, there is no shortage of bars to learn about and, at least for the next week, I will be continuing my education.

Golf: I have been fortunate enough to play 3 times already and am playing tomorrow as well. What makes this possible? IU happens to own and operate a golf course in which students can play, with cart, for $25 any day of the week. Incredible! The course is tight with its enormous trees and winding layout. Along with its huge links-style greens, it is challenging. Being a good golfer has certainly been an inroad into other social aspects of the program. When word gets around that you can hold your own on the course, there is no shortage of guys who want to play with you. It has helped me meet several of the second year students who I may not have met otherwise. I say this all this because networking plays a large role in the MBA process. The more people I can befriend on the golf course, the more contacts I make which may one day lead to the lucrative job of my dreams. And if not...at least I got to play a lot!

Apartment: I am lucky in that I picked the best possible place to live. It is a renovated building in downtown Bloomington with loft like apartments that are designed freakishly similar to my place in KC. Although my decision to live in downtown was the proximity to school and the bars (I have my priorities straight - school then bars), it turned out that the other fashionably social people in my class did the same. My entire floor comprises first year students and one second year student. Fortunately, these students are just like me and our floor has turned into the airport of the nightlife - all events seem to take off and land from one of our places. Due to this, I think I have met most of my classmates with whom I have many things in common. There are a lot of people from California and for some reason I seem to have developed the closest friendships with them.

That's long enough. Congratulations to anyone who actually made it all the way through. Hopefully more frequent posts in the future will help narrow the topics.

Long Time, No Post

It has been awhile; my apologies. To say that I was engulfed in Level 1 of the CFA is an understatement. I am only now recovering...and the test was June 3rd. All in all, I think it went well. I left my job on May 19 in order to have two full weeks prior to the test to wrap up my initial walkthrough of all the material and take a half dozen practice exams. After putting in a little over 220 hours, I think I was prepared; at least as prepared as anyone who has never directly worked in the investment management industry. The results will be released at the end of July. I guess I will find out with everyone else. Worst case scenario is that I fail and have to retake Level 1 in December after a semester of intensive accounting and finance classes. While I would obviously prefer to not have that hanging over my head during the first semester of school, at least it would not delay my ability to complete the 3 level certification process.

So what have I been doing for the past 3 weeks? You know. Just watching the game. Drinking a Bud. Actually, I have been doing a little bit of traveling. I spent three days in Manhattan visiting a friend and finally succumb to the pressures of buying an iPod. After spending two hours in their 5th Ave store, I could not resist. What a sweet place. I also spent some time in St. Augustine, FL visiting family and sneaking in a few days of beach therapy. I also had my wisdom teeth removed...one could question my timing. Just kidding.

As for my matriculation preparation, I have pretty much dotted all the i's and crossed all the t's. I have a sweet apartment in a renovated loft in downtown Bloomington (walking distance to the bars - very important). I have reserved a moving van to get me and my belongings there. Laptop - check. Academy preference form - check. IU email account - check. T3 Leadership Camp waiver of liability form - check.

In regards to 'my belongings' I have managed to procure some sweet furniture for my tenure at IU. Being that my wife is not moving with me, I cannot deprive her of our furniture (especially since most of it was new when we bought our place in 2004). Lucky for me, I have a grandmother with no fewer than 10 beds, a dozen kitchen tables and 7 couches...not a one of them younger than me. So I will, without question, have the most retro pad in town. I would attempt to describe my couch, but I could not do it justice.

With a van reserved and a house full of furnishings waiting for me at the Grandma Store, I am set to make my move in early August. I have a feeling that Indiana starts a bit sooner than most programs. JumpStart classes (i.e. accounting, finance and stats prep courses) start August 7th and our two week orientation starts that following Monday with classes immediately after (no, we don't get Labor Day off). So that should leave me with about a week and a half to get unpacked and settled. I am only taking one of the JumpStart courses (thanks to the CFA I don't need accounting or finance), so I should have most of that second week in August free. Plus, the apartment I am moving into pays for most of the utilities, as well as cable and high-speed internet, so I do not have to wait around for any utility guys. I am anticipating a smooth transition, but I will most certainly report back on any "key learnings" from the process.

I would say this post is about long enough. Hopefully I am back into the swing of things. I have one last trip - a big one to Hawaii, Australia, New Zealand and Fiji - coming up, so I will go dark again. But I will do my best to keep in touch once in Bloomington. Best of luck to everyone.

Rankings, Reputation and Where They Fit in the Process

The reputation of a school can be as diverse as the student body. However, it is important for candidates to weigh the characteristics of an MBA program in a manner that has the greatest impact on their ultimate goal.

As a prospective member of the Investment Management Academy at Kelley (see link for more information), I have learned that the alumni play a large role in the placement of many Kelley students and graduates. Because of this strong network and the design of the Academies - whose mission is to foster recruitment/placement opportunities – this led me to favor Kelley. While almost all top programs will have an excellent alumni network, make sure there is an active network in your field of interest. If your field is more general, like consulting, this will not be a problem. But if you are looking to enter a more specific industry, like international IT consulting, the network may not be as strong as you think.

In this respect, I believe the "reputation" of a school is based more on the knowledge of the candidate, which is based more on the objective review of the various programs, then the public in general. Let’s walk through an example to illustrate this point. My desire to stay in the Midwest played a large role in my school selection process. Kelley's and Kellogg’s locations are objective. Starting with an end goal in mind (job in IM), I sought programs that provided opportunities that would help me gain exposure to the industry. The existence of the IMA at Kelley is, again, objective (the absence of anything but an investments club at many programs is also objective). The University of Chicago has a very active network of alumni within IM, however, my quant score on the GMAT – another objective characteristic – would have seriously hurt my chance at admission.

By narrowing the field of opportunities based on concrete characteristics, you can then begin to seek out the opinions, or subjective aspects, from recruiters, students, alumni and rankings. In doing this last, instead of first, you can filter the useless information. Continuing with our example, if a west coast recruiter in operations management thinks Kelley is rubbish, it is of no concern to me personally and, therefore, has no weight in my analysis of the program. Additionally, U of Chicago’s reputation for producing quant jocks made me fearful of placement on the research side of IM, versus portfolio management.

In short, I am continuing my theme from recent posts in which I want to encourage candidates to do their homework and not simply rely on the laurels of a program. In some cases, especially for international students, the rankings may be very important as companies back home may themselves place emphasis on the brand name of a school. It even happens here in the states where a degree from HBS will almost certainly get you an interview at any major corporation. However, if you do not want to simply work for any major corporation, I can almost guarantee that – regardless of your ultimate goal – you can find a program tailored to your needs.

Kelley Admitted Student Weekend - Part 2 of 2

Happy Easter Monday to my Canadian brothers up north. Unfortunately, my life has been filled with much of the same (see prior post). Although learning about dilutive securities and the capitalization decision were enjoyable, the highlight of the weekend was my first golf outing of the season. Remarkably, I managed to shoot below my handicap, even while putting on aerated greens. The wheels will most certainly fall off soon.

To save you from falling asleep – and the subsequent computer screen facial – let me proceed with the Kelley review.

The Faculty – Without question, the faculty is the strongest asset at the Kelley School of Business. While we all know that the emphasis placed on rankings should be measured, both BusinessWeek and the Princeton Review ranked the Kelley faculty #1 among all MBA programs. Although this surprised me (especially that two different ranking agencies agreed on something), I learned during admitted student weekend why this was the case.

Each year the faculty at Kelley meet to outline the schedule for The Core (the intro classes we are all punished with during our first year). Each faculty member is asked to, on Post-It notes, list specific learning objectives to be met during their core class in particular (e.g. accounting). On a large roll of paper, the weeks are placed across the top (columns) and the core classes are placed at the left end of the roll (rows). From here, the faculty work together to create a schedule in which related topics (on the Post-It notes) across the various core classes are taught at the same time. An example may be easiest to help demonstrate this.

Let’s use the topic of international business. This topic applies to virtually all disciplines and has become an integral part of today’s business reality. When developing the schedule for The Core, the faculty will acknowledge that they all have international business as a learning objective within their subject and work to identify a specific week, or day, in which this topic will be covered. As a result, we as students learn about international marketing at the same time we learn about international supply chain management at the same time as international accounting standards GAAP and international policy and economics. As a result, we are able to apply the various causes and effects that the specific disciplines may have on one another.

While this process sounds logical to me, apparently it is a deviation from the norm. A director at another school looking to improve their MBA program was conducting research on the various methods in which faculty interact in a manner that facilitates a more dynamic learning environment. After contacting the majority of the top 20 programs, the Kelley MBA Director received a call back from this individual informing her that Kelley has the only faculty that collectively designed a core curriculum. While I imagine that the high-level design of an intro curriculum is a collective process at many schools, apparently most do not go to the depth of integrating the various topics within their core.

As for specific faculty, Kelley students – similar to other top programs – are typically taught by the author of their textbook (coming from a small state school, this blows my mind). The faculty is also known for inviting students to their homes for dinner. Some provide more formal home-cooked meals, others provide beer and pizza.

I personally believe that what makes the faculty at Kelley unique is not their interaction among the students, but rather their interaction among themselves. In the end, the students truly benefit from their cooperation.

The Curriculum – The Kelley curriculum is similar to the majority of other top programs except for one feature in particular – the Academies. I saved this for last because it was one of the first aspects of the program that caught my attention when I was learning about the various MBA programs available, and because it may be the most important reason for my ultimately choosing Kelley.

Upon entering the program, all students are assigned to an Academy. There are 9 Academies available: Consumer Marketing, Business Marketing, Consulting, Corporate Finance, Entrepreneurial Management, Investment Banking, Supply Chain & Global Management, Sports & Entertainment, and Investment Management. The focus of the Academies is on the student’s intended career path post-graduation. For a career changer like myself, this focus is INVALUABLE. The Academies are led by a member of the faculty that has advanced experience and a broad network of contacts within the specific professions. Their purpose is to use their real-world knowledge and contacts to design a program that exposes the students to their field of interest and put them in front of the professionals that may one day hire them. One week each semester is devoted to the Academies (i.e. no classes) and is usually when the students travel and gain exposure to the industry. For example, the Investment Management Academy (IMA) will use these two weeks to travel to New York, Chicago and Boston. During that time, we will visit investment management professionals (often Kelley alumni) in the field to learn more about the specific opportunities available within IM (e.g. portfolio management, research, sales). In doing this, the Academies go far beyond the scope of a simple club. Kelley, like all programs, has an investment management club in which hot stocks are discussed and a portfolio competition is held. But the Academies are designed to help you achieve the reason most of us pursue an MBA in the first place – a job.

The curriculum also contains a leadership and professional development program, as well as a student designed international travel program called KIPs – Kelley International Perspectives – in which students gain exposure to business and government leaders abroad. But I believe most of the schools we all will attend have similar programs in this regard.

In closing, the Kelley admitted student weekend confirmed my interest in the program based on the many aspects I have highlighted in my last two posts. I truly believe it is a unique program, one in which many MBA applicants may not know a great deal about. As I have stated before, the right "fit" for a program is individual in nature. However, it can only be found when the applicant is appropriately educated on the many opportunities available and the unique aspects that help distinguish one program from the next. I hope this information has been helpful. I am including a few links in the right sidebar that will direct you to more specific information about the topics I have discussed.

Kelley Admitted Student Weekend - Part 1 of 2

Let me begin by saying Thank You! to Clear Admit for the "Best of Blogging" nomination. More importantly, thank you for recognizing the time and effort we put into our blogs and the contributions they make to future MBA applicants. Without going too deep, stumbling across my first MBA blog was a turning point in my application process and I hope my writing has helped improve the understanding of other applicants as well.

As for Kelley, I am going to divide my update into two parts that will cover 4 topics in total: faculty, curriculum, students, and community. Since we are all future students and in the process of learning about our future communities, I will start there.

Students – You have read my sermonizing about the importance of "fit" in an MBA program. Well, the students are where the rubber meets the road. Over the next two years, these individuals will spend more time with you than your spouse, significant other, family, dog, you name it. Needless to say, it is important that you like them and they like you. It is important that you share a common connection (outside of just an MBA degree) for which a relationship can develop. That being said, I believe I found this at Kelley.

I know many of my readers are from the coasts. In fact, I think I may be the only one from what the rest of you probably refer to as "the sticks." Hey, diversity is a good thing right? I mention this because, while I like you all, we are different in this regard and it is important that other future applicants from the sticks acknowledge their differences as well. The following aspects about Kelley students were important in confirming my fit with the program:

"To you, good sir, I extend my hand" – There has been a consistent theme that I have noticed about Kelley students from the moment I stepped on campus: their willingness to depart from their comfort zones. Let’s start from the top. After my campus visit and interview, I received a handwritten thank you note from each student in which I had contact. Additionally, several students sent periodic emails offering to address any questions I may have about the application process or the program in general. I mention this because I have not received a single email, note, letter, or smoke signal from a member of the Kellogg School of Management. Not a single one. I do not care if BW thinks you have the number one program in the land. Can you at least act like you give a damn?

What confirmed this aspect about Kelley, however, were the students in the Investment Management Academy (IMA) I met last weekend. Being that only a few buy-side firms come to campus (which is the case for most schools, including Kellogg), I was amazed by the relationships they had developed with leaders and Kelley alumni in the industry. For example, when I asked a member of the IMA how you reach out to the firms, he explained that you send email after email asking for 15 minutes of their time, and once you have four or five that agree to meet with you, you catch a plane to Chicago or New York. The average IMA member had been to New York, Boston and Chicago (twice) over the past 5 months. As a result, members graduating this May have landed positions with Goldman Sachs and Blackrock, among other leading firms. Not too bad considering the academy is only graduating 10-12 students this year.

Smaller class size – More than likely, this is a product of attending a smaller high school, where I graduated in a class of 120. Additionally, my graduating class from undergraduate business school was approximately the same size. In turn, I have found that the smaller class sizes, for obvious reasons, create more opportunities to participate and be an integral part of the clubs, organizations, and the overall dynamic of the school. Although this does not speak to the "personality" of the students, it fits most appropriately in this topic.

Modesty – Dean Dan Smith (picture) spoke of this directly during his welcome address to the admits. In fact, he highlighted that the students at Kelley are almost humble to a fault, in that they are not vocal enough about the program. While they should not worry about NoKeating screaming of the greatness at the top of his lungs (if that is what I truly believe, of course), I like the fact that the students hold the program in a realistic light. They accept and enjoy the good characteristics of the program, and work to improve the other aspects.

The last point coincides with the fact that I did not mention the extremely high caliber of the students. In not doing so, I am being realistic to the fact that programs like H/S/W/K house the top students in the world. However, my goal in obtaining an MBA is not to be surrounded by the top MBA students. It is to land a job on the buy-side of the investment management industry. And Kelley, along with their students and alumni, can help me achieve that goal.

Community – While I will not delve into this topic as deeply as I did the students, I would like to educate those interested about the community in which Kelley belongs. It is fair to say that I would love it if Kelley were in Chicago and all I had to do was catch a train downtown to meet with a hopeful future employer. This is probably the biggest downside to the program, and something with which they have no control. I highlighted above one of the steps students take to help negate this disadvantage. In addition, the faculty work very hard to attract industry leaders to campus, often holding these ad hoc coffee sessions in the forum where students have the opportunity to network.

Bloomington itself is a college town as you would imagine any other municipality that plays host to a university of 60,000 students. Great bar and coffee shop atmosphere, but being a graduate student, I preferred the cozy (and more mature) confines of Evanston. However, with the bad must come the good. I will be renting a 2 bedroom, 800 sqft. loft in downtown for a measly $895/month. The place is only 3 years old and the rental price includes: a washer/dryer, the first 99 channels of cable, high speed internet access, and all utilities except electric. In addition, I get garage parking for $60/month. Not too bad.

The final feature of the community that I would like to highlight is the school itself. The MBA program has its own building, the Godfrey Center, which was completed in 2002. It is a magnificent complex which was designed for the modern day MBA program and student. There is a good sized student lounge, which houses individual student lockers and mailboxes, as well as student organization offices and a dining area. There are also 29 breakout rooms and 6 conference rooms available to the students at all times. However, the greatest feature (from my perspective) is the Trading Room. Donated by Goldman Sachs when the building was being designed, the Trading Room has a live ticker, a Bloomberg terminal, a Compustat terminal, a TV tuned to CNBC and Bloomberg all day, and various CFA and investment management related resources. And the best part - only the IMA student cards grant access to the room! It is like our own little utopia!

I have rambled enough. I hope this post was informative and helped enlightened some of the aspects of the Kelley MBA program. If you have any questions, please post in the comments and I will either contact you personally or add it to the post for all to read. Part 2 coming soon.

The Meaning of Life

This past weekend my wife and I, along with a hundred or so other admits, arrived in Bloomington, IN for a preview into the life of an MBA student at Indiana University. Similar to others who have partaken in this event at schools across the country, it reinforced my decision to apply to Kelley and enhanced my desire to ultimately attend.

Before I dive into the details, however, there is an important aspect about me and this blog I have intentionally not clarified, although hinted at on multiple occasions. Although I cannot enlighten you on the meaning of life (that was simply a cheap ploy to get you to read the post), I can help explain the title, NoKeating, and its importance to me and this process. Caveat: For those of you that have not read Fountainhead by Ayn Rand, this may not resonate.

In Fountainhead, Rand exposes her readers to the polar ends of her philosophical spectrum via the two main characters: Howard Roark and Peter Keating. Roark is an individual in every sense of the word. Keating is the opposite, driven not by personal feelings and convictions, but rather societal demands and preferences. After deciding to pursue an MBA, I vowed to not select a school based SOLELY on the preference of others (i.e. ratings, forums and even peers). My intent is to communicate and implore to those that may be considering applying for an MBA this Fall to take the time to learn more about the numerous programs available. My fellow blogger MBAJ touched on this point recently, stating "One thing I have learned from my fellow bloggers is that there are many great MBA programs out there..."

The fact is that the ratings, forums, blogs and current students can all shed light on the various aspects of an MBA and the programs available. However, they must be read to inform and not persuade. Think of them like CIA files released to the public, with black marker streaks through the opinions. This can be difficult because almost everything is written to persuade, but you must not let others make the decision for you. As I have fallen victim to this in the past, I decided to create this blog as a method of forcing my thoughts on paper in a manner that would make me accountable for them, and the subsequent decisions for which they are the basis. While I may not want to be Howard Roark, I definitely want NoKeating.

In closing, the best advice I can offer to any future applicant is to open your mind and trust your feelings. As you will soon read when I post my admit weekend experience, if the #18 BW school feels better than the #1 BW school, don't fight it - just accept it (and trust me, I fought it for awhile). An older friend of mine once told me that self-actualization may be the single greatest accomplishment any one person can achieve.

I agree.

What does your day look like?

Like a son who has not called his mother in a month, I feel like I owe an explanation for my absence to my fellow bloggers. Basically, here is what my average day looks like:

6:00 - 6:30 AM > Alarm goes off and I snooze repeatedly
6:30 - 7:00 AM > Hit the gym for a quick run (or snooze some more)
7:00 - 7:30 AM > Breakfast and BusinessWeek
7:30 - 8:00 AM > Prepare for another mindless day at work
8:00 - 5:00 PM > Conduct another mindless day at work (sneak in the papers over lunch)
5:00 - 7:00 PM > Dinner and "family time" with the wife
7:00 - 10:00 PM > Back to my desk at work for 3 hours of "quality time" with the CFA study guides
10:00 - 11:00 PM > Catch up on Tivo'ed drama series (if not completely exhausted)

A wise man once said life is what you live when not working. Therefore, I have no life. Just a loving wife. Oh, the sacrifice.

I escape into a dozen tall-cold ones on Friday and Saturday; often precipitating my need to re-learn what I had studied the week before. I considered cutting back, but then I might go insane, and no one wants that.

During the MBA application process, I found solace in our discourse. So, as I face another bout with an extended period of stress, I turn to you once again, my liege, in a request to learn how you fill your days. I call upon you, MBAJ, for insight into your time spent in between life in the Big Apple and anticipation of a soon-to-be-received acceptance to the alma mater. And to you, Sorebrek, as we wait together in the land of the Kellogg undead. To Tycoon, Marina, Forrest, Benny, Ayn Rand (my author), I_Will_Make_It, Foobarme, Chillpill...in the immortal words of Marvin Gay, "What's going on?"

Quick MBA Update: I received a significant chunk of change from Indiana (enough to cover half the cost of the program), and submitted my don't-forget-about-me-wait-list letter to Kellogg. According to my wait-list advisor, "There really is not one thing missing or needed in your application. There were just better candidates." Thanks for that. Let's do lunch? Call me!

The show must go on!

It appears the NoKeating MBA Application show will continue. This morning, Kellogg informed me that I was waitlist material. I am happy about this for the following reasons:

1. Kellogg is an excellent school and the fact that they did not tell me to bugger off is a good thing.
2. Since submitting my application, I have enrolled for Level 1 of the CFA; hopefully addressing concern about my future occupation in conjunction with my moderate quant score on the GMAT.
3. My pathetic plea in the interview must not have been too disappointing for my interviewer (see previous post).
4. We graduates from lowly state schools do have a chance with the big boys!

Granted, an admit would have been nice, but I tend to be a glass half full kind of guy. Regardless of what the future holds for Kellogg and I, it has been a good experience. From my hectic time at the airport the day of my interview, to my boastful response in being the first to notice the "H" missing in the stained glass, I have enjoyed the process of courting one of the finest business schools in the country. In a few weeks I will submit additional information in an effort to improve my chances and hope for the best. Until then I will continue to reside with Sorebrek and the remaining undead.

Best of luck to those still awaiting a decision!

Hallelujah

"...well it goes like this: the fourth, the fifth, the minor fall, and the major lift, the baffled king composing Hallelujah"

Although the song was written by Leonard Cohen, Jeff Buckley's version is epic...what am I talking about - an admit from Indiana!

I know most of you (wisely) applied to four or more schools. I, on the other hand, was crazy enough to only apply to two (one which historically rejects a considerable percent of its applicants). Therefore, my chances of hanging around another year were material. But alas, Kelley has come through for me - you fine thing you.

Unlike some who faced trepidation about informing their boss that they would be leaving, I could not wait to tell mine. In fact, she found out before my wife! When I am no longer receiving income from this source, I will delve into this a little deeper.

So with the path before me cleared, I shall collect my belongings and begin the journey.

Tuesdays and Fridays

I am not sure how many Jimmy Buffett fans are out there, but a few years back the King of Margaritaville released a live album titled "Tuesdays, Thursdays and Saturdays" based on the only days of the week he played during that tour. In honor of Buffett, Kellogg (huge parrotheads) has decided to release the majority of decisions on either Tuesdays or Fridays:

"As the majority of decisions are updated twice a week, we recommend checking the status on Tuesday and Friday, between 4:00 p.m. and 5:00 p.m. Central Standard Time."

Therefore, I consider today - Tuesday March 7 - the first realistic day in which a decision may fall from above and deem my worthiness (or lack thereof). Others, like my friend MBA Jackass, have been anticipating a decision to be released sooner. This is understandable as his application began the review process a month ahead of mine. However, I believe that today may be the first day in which adcom has at least perused through most of the round 2 applications and can base decisions on a more holistic view. That being said, we must all digress to the acceptance that I have no idea what the hell I am talking about.

On a side note, did anyone see the grills on Three 6 Mafia? Tight.

Get Shorty

It is 7 AM as I reach for the remote to turn on CNBC, the greatest alarm clock ever. And to what do my wandering eyes appear? But Patrick Byrne, CEO of Overstock.com, and Herb Greenberg in a verbal battle royal on live TV! For those that have not been following, Dr. Byrne has waged war on Wall Street. He is upset at analysts who believe Overstock to be Overvalued, thus prompting some major investors to short the stock (Rocker Partners). Paddy myBoy believes, however, that Rocker paid a research firm (Gradient Analytics) to issue a negative report, in order to profit on their short positions. Feel free to read his thoughts at your own leisure: buen provecho (no pun intended!)

During the interview this morning, Byrne held up a sign with two website addresses on them. When Becky Quick, co-host of SquawkBox, asked what in the hell he was doing, he claimed that because CNBC tends to cut him off before he can speak his mind, he will use signs and websites to communicate his message. Think about it, a CEO of a major company holding up a sign during a CNBC interview as if he were a college student protesting Coca-Cola's response in Colombia. In addition, he went after CNBC claiming that Jim Cramer's Mad Money was the only show pulling respectable ratings. Nevermind the fact that Cramer also received a subpoena from the SEC regarding this Overstock fiasco.

I will admit that as an investor I like to see CEO's come to the defense of their company, and stock, when shamelessly attacked by those crazy Streeters. It is important to see management that has confidence in the decisions they have made and the future health of their company. However, I am afraid Paddy has, well...lost it. Adding to the insanity above, below you will find a few quotes from a bona fide CEO of a $500 million company:

- "It's my sense that the SEC was onto Herb's scent long before we came along." - in reference to Herb Greenberg's subpoena from the SEC, which many (including Herb) believe came at the insistence of Byrne.

- "A group of hedge-fund investors, financial journalists and regulatory agencies were acting together, under the direction of an unidentified 'Sith Lord'" - in reference to the negative reports on Overstock.

- "I was actually planning on leaving this January for a much more interesting job. That is one of the reasons I began responding to the miscreants when I did. I wanted to flush the bowl as I left." - in reference to...who cares! Are you kidding me?! Did he seriously include this in a written statement?!

Now, I know what you all are thinking: this is no MBA caliber CEO. Well, you are right, but I would not challenge him at Jeopardy either. His profile on Overstock states that he has a bachelor's from Dartmouth, a master's from Cambridge and a doctorate from Stanford...in philosophy nonetheless. Perhaps a finance class or two would whip him in shape!

Woke up this morning...

...to learn that The Sopranos new season starts March 12th. Talk about starting your Monday morning off right! I called Time Warner to restart my HBO service...which will again be canceled at the conclusion of the season. It's not that I'm tight but...well, maybe that has a little something to do with it. I have had the intro song in my head all morning. Mix that with a little Ice Cube "It Was a Good Day" and you have the making of a fine afternoon ahead.

On top of that, it is 65 degrees and sunny in KC and tomorrow is supposed to be even warmer. What in the heck is going on around here?! Now if Kellogg can just call me...

Individual Investors: Cause for Concern?

Inspired by fellow IM hopeful and first-year Badger MarketWizWannabe, I would like to talk a little shop. Not my shop exactly - hence this whole MBA thing - but a promising future destination.

On the cover page of today's Personal Journal section of The Wall Street Journal, there was an article about the recent infusion of money from individual investors into the stock markets. Why is this a potential cause for concern? A theory often held by institutional investors - you know, the guys who buy shares by the hundred-thousand - is that when the volume from individual investments is on the rise, it is time to pull back.

See, institutional investors believe individual investors enter the market after an upward move, in response to the buzz created from the appreciation in values. This new money often helps fuel continued momentum - in the short-term - until the point where stocks are over-valued and a correction is needed. Now, guess who spots this first? Probably not mom and dad who log into their Scottrade account every other day.

Unfortunately, this song and dance has happened enough times to validate the theory (read: the big guys are right). However, I personally think it is way too early to run for the hills. Only recently has the market started to break away from its mid to high 10K range - where it has sat since the upward move in 2003 - and we should hopefully continue to see growth over the next couple of years. During the tech boom, large cap growth stocks continued to move upward, averaging nearly 38% from '97 to '99, two years after the big boys took home 40%. Note: Anticipate a future post on growth versus value investments, a topic MarketWizWannabe and I will certainly argue over.

Ultimately, I am glad to see individual investors starting to get back into the game. It's a great game; one that should be enjoyed by the masses. My only hope is that everyone learned a lesson or two from what happened a short 5 years ago. The fact of the matter is that a diversified portfolio invested over the past 30 years has an average annual rate of return of over 17%, compared with only 6% in a money market account (and that was with crazy-high interest rates during Carter's administration!). We are all better off in the market. Now, let's play nice.

Let the review begin!

Picture this: you spend the better part of 6 months working towards the goal of submitting an MBA application or two. You actually manage to complete the thing and submit it...only to wait another 7 WEEKS before your status is updated and admissions acknowledges they received your has-an-enormous-impact-on-your-future packet of information.

Ladies and gentlemen, today was the day I was finally acknowledged by the powers-that-be at Kellogg. Actually, I have to give Kellogg some credit for at least supplying a website that updates the progress of your application; a feature not available at Kelley.

Kellogg Update

As luck would have it, it appears I have applied during a year - and round - in which application volume is through the roof.

Round 2: Application Update - Due to the high volume of applications in Round 2 at the Kellogg School of Management, we are still processing applications. We anticipate completing all Round 2 files by the first week in March. When this process is complete, we will post an update to this page. At that time, if your status has not changed, we ask that you contact our office so that we can personally assist you. Please be assured that your candidacy will not be negatively impacted if your application is still being processed.

Gold Medal in Ding Post Slalom: Ty Coon

In case you have not already seen it, Ty Coon just took gold for the best ding post to a blog.

Dum. Dum. Dum. .... another one bites the dust!

That's funny; I don't care who you are.

Disclaimer: In no way do I find Ty Coon's ding to be humorous, but rather his light-hearted response. I sympathize with the blood, sweat and tears put into this process - sometimes all for naught. I just hope I can summon the same humor when I announce to the blog world that Kellogg told me to go suck one.

Kellogg Interview

Sadly enough, I just realized that I have not written a thing about my Kellogg interview in early December. I know there are a few of you left in the process, so I thought I would take the time to share my experience. I would highly advice visiting the Clear Admit wiki or blog for possible questions and information. I would also check out the Accepted website which allows you to search for questions and information by school and emphasis.

My interviewer was a 2nd year student with an interest in Marketing. She worked for General Mills prior to obtaining her MBA, and would return in a similar capacity when she is finished. She attended Northwestern undergrad as well. Needless to say, we had absolutely nothing in common - which I actually used to tweak some of my responses (providing a little more background). So if your interviewer doesn't offer up their brief bio, it may be worth asking.

The questions were exactly as I had anticipated based on research performed at the two sites mentioned above. That was extremely comforting. While answering her questions, she wrote like mad, filling an entire sheet of paper in the tiniest of print in two-column form. The admissions rep reviewing my file (if they ever find it) will certainly have a holistic perspective of my interview. She was attentive and polite and provided a very relaxed atmosphere. The interview was conducted in an office exactly as you would imagine an admissions office at any school. However, she did not sit behind the desk (like the guy at Indiana) so I had to watch my body language the entire time, making sure I wasn't shaking my leg or twiddling my thumbs.

After the typical round of questioning she asked if I had any questions for her, as usual, but she really seemed to focus in on the types of questions I was asking - even writing them down. I could tell this because her answers were the corporate line for the most part and were of little value to me. I would be sure to study specific aspects of the program prior to your interview, and even if you know the answer, asked more pointed questions.

Lastly, at the end of the interview she asked if I wanted to share anything with the admissions office that may not be apparent in my application or essays. Knowing my chances of acceptance in the first place are slim, I swung for the fence. I told her that I was only applying to two schools, which I know can be perceived as a candidate not taking their MBA "seriously," but that my decision was the result of thorough research into various programs, taking some personal issues into account - including geography. Ultimately, I'm not sure how she took it, which highlights another characteristic present throughout the interview: little or no body language feedback.

As for my experience while at Kellogg, it was a crazy day. I had a flight out of KC at 6:24 AM, which I almost missed because the suit I wanted to wear was in a big dry cleaning pile (c'mon, I had to wear my lucky suit). Although I was able to make it to the airport on time, it was all for naught as the plane "wouldn't start" because it was so freaking cold the night before. So, after United bought me a ticket on the next American flight, I arrived at the gate to learn that the flight was delayed due to inclement weather in Chicago. Ultimately, I finally left KC around 10:30 AM, missing the info session...and lunch (more on that in a second).

When I arrived at the campus, which I had visited over Labor Day so I knew where everything was (thank goodness), I was just in time for the tour. It was about as exciting as you can imagine. But our guide, a 1st year from England, was very candid in his responses to questions (unlike my interviewer) and taught me a great deal about some of the intricacies of the program that are not covered in a viewbook. After the tour (immediately after), I attended a derivatives class taught by Dr. Hagerty. One student kept telling me this is not a class you want to sit in on your visit day, which I thought was kind of strange; not-so-welcoming to say the least. The facts are that I was working on an investments audit at the time, researching my company's risk management policies around our equity-indexed annuity portfolio management. Thus, the class was extremely relevant to me, which although he could not have known, perhaps should have been asked before telling me to get lost. As for Dr. Hagerty, she was very welcoming and even took the time to answer a question of mine after class pertaining to my audit (hello essay!).

My interview immediately followed the class, and if you have not yet noticed the lack of free time, I had virtually nothing to eat all day (outside of the blueberry muffin I wolfed down at the airport around 9 AM). So, when my interview began at 3 PM, I was there in body - not mind. Last point of advice: pack a granola bar in your bag.

Still Nothing...but the CFA

Not that I have been anticipating a response from either school at this point, the update is - nada. I am slightly worried about Kellogg, however, as they still have not acknowledged receipt of my part II or supporting materials. I know volume is up...but damn, it has been nearly 6 weeks! I have been following the Kellogg Admissions thread in the BusinessWeek Forum and Kristen has kindly promised that she will inform us when all R2 apps have been compiled (i.e. if still no update, call now). So, in an effort to not be a pain in the ass, I am sitting tight.

I do have some news regarding a new challenge I am looking to tackle. As mentioned in a previous post, a Kelley grad put me in touch with a former classmate that works in Investment Management. Over the past couple of weeks, I have been picking his brain on ways to help squeeze my way into a small, but popular, industry. Working backwards, he diagnosed my situation: if you want a job in IM after graduation, an internship in the summer of 2007 is critical; if you want an internship without any IM experience, you need something to help you compete for the few spots available; passing Level I of the CFA provides an employer at least a little comfort that you can manage what they may throw at you.

So, after discussing his theory with a friend working on Level III - who wholly agreed - I am an official CFA Level I Candidate. What I did not anticipate was the $1,200 expenditure that was required to simply become a "candidate." The membership to sign-up for the exam was $400, the exam itself was $400 (going up another $250 after 2/15 for those interested), and another $400 for the Schweser study materials. Needless to say, I had better pass this exam. Wish me luck. Advice welcomed.

A Good Hobo Name

Thanks to the 8 to 10 week lag between application submission and adcom's decisions, I will now subject what few readers I may have to what I believe is quality humor. Courtesy of John Hodgman's The Area of My Expertise, I would like to share a few hobo names any father would be proud to call "my son."

• Boxcar Jones
• Duke Jeremiah Choo Choo
• Chainmail Giles
• Sherlock Holmes Hat Carl III
• Knee-Brace Kenny
• Cleats Onionpocket (my favorite)
• Ol' Stiffpants
• Stingo the Bandanna Origami Prodigy
• Thermos H. Christ
• Samuel Gel Insole
• Pantless, Sockless, Shoeless Buster Bareass
• Juicepockets Thomas Moone
• Eustace Feetbeer
• Antigone Spit
• Neckfat JK Trestle

We should be so lucky. Let's all hope for some new MBA news soon...

Are you kidding me?

Having recently found the blog of my fellow round 2er, MBA Jackass, I am beginning to think I am taking this whole blog thing too seriously. My last post sounds like I am trying to substitute NoKeating for a shrink. Who wants that? Now, I cannot promise that there will not be times of confession or bouts with self-validation of prior decisions, but I will certainly try to make it more enjoyable than the latest fare.

Having promised some rationale behind my substituting Indiana for the other "top programs," here it goes: I just have a really good feeling about it. See, that wasn't too painful was it? In all honesty, Indiana came out of nowhere when I started researching MBA programs. Granted, it has the rankings (#18 in Business Week with the #10 Finance program, #1 Faculty by Business Week and Princeton Review), but it is typically left out of the "top program" conversations. What has me drinking the kool-aid is the following:

1) Two Kelley students I met with during my visit have remained in touch throughout the application process; both helped nurse me through my first pathetic attempt at the GMAT.

2) I had dinner with the director of the MBA program - and 2 Kelley graduates - at the nicest restaurant in Kansas City. As a result, one of the graduates at the dinner put me in touch with her former classmate who works in the investment management industry and has offered to speak with me in more detail about IM and the Kelley program. He has been quoted by both Forbes and USA Today for his market research.

3) Have I mentioned they gave me this really cool travel alarm clock and calendar after my interview?

As for Kellogg, I sent my interviewer (a 2nd year student) and the admissions rep snail mail thank you cards and have not heard a word in response. But they are Kellogg...who needs to recruit?

What is unfortunate about this whole situation is on the off chance I am actually accepted by Kellogg, I should definitely go, right? And why is that? Because it is considered by most to be one of the top schools in the country - the world for that matter - and there are only 4 schools on the planet where, if accepted, you just have to go: Harvard, Stanford, Wharton and Kellogg. Wait...isn't the title of this blog No Keating?

And then there were 2

If anyone is wondering, or even reading this, a good question may be, "Why is he only applying to 2 schools?" It is a great question, one in which I like to think I know the answer...or have at least talked myself into believing. My reasoning behind only applying to 2 schools was based on thorough research of not only the programs, but their proximity to "home" and the location of their leading recruiters. I will expand on both of these points:

Proximity to home: My wife and I live in Kansas City. I have lived in the metro area my whole life. My wife, however, is from Ecuador and came to the US 5 years ago as a college student. Her only connection to the States are her two sisters...who also came to the US as college students. There is a good chance that when I leave for school I will go solo. If you can get past the whole husband and wife falling asleep together each night concept, it makes sense. She has no connection to either Chicago or Bloomington, she has a good job that pays very well (which will support me), and her family is here. In addition, or perhaps most importantly, I am going to be so busy I will not be able to give her the attention she will need, or deserve, having moved to a new city where she knows not a soul. So...proximity to home is important because either she or I will be traveling frequently and plane tickets to Chicago or Indianapolis from KC are usually less than $100 and the flights are no longer than 75 minutes. Other schools I considered were Wharton - $250 KC to Philly, Michigan - $250, Duke - $300ish and all with considerably longer travel times making weekend trips less practical. While they are great schools and "ranked" higher than Indiana, nothing stood out - based on criteria important to me - to risk only seeing my wife once or twice a semester (see next post on my thoughts about Indiana).

Location of leading recruiters: Let me first state that my primary reason for wanting an MBA is to broaden my knowledge of finance to pursue a career in investment management after graduation. Therefore, the location of leading recruiters is important because I do not want to live in New York City after I graduate. Is New York the capital of the financial world? Yes, although Londoners may argue. But thanks in large part to the technological advances of the past decade, you can manage a portfolio from the bow of a schooner. Plus, Chicago has a leading fixed income market and it's close to home (see above). Ultimately, my wife has accepted that we may have to live in Chicago for some time after I graduate, but again it is close to family and weekend trips are not out of the question.

So when considering my choices based on the information above, two schools stood head and shoulders above the rest - again, based on criteria important to me. Some may be wondering about Chicago GSB based on my interest in finance, but there were other aspects of the program I took into account and it just didn't add up. Yes, I actually did a weighted analysis on a dozen programs across the country to arrive at this conclusion. In all honesty, I believe the program is less important than individual's motivation to achieve their goals...but what do I know. Now, I just have to pray that at least one of the two want me.

Those dreaded essays

I have come to believe that a certificate of some kind should be awarded for simply completing an MBA application. For those of us with a slight case of OCD, it is a grueling process. After all, I would prefer my future not to be decided because I misspelled "summarizied" on my application (not that I did...but almost). This leads me to the most subjective portion of an app: the essays.

The subjectivity alone may be what drives guys like me nuts. With the GMAT, at least I know where I stand among my peers. But as I was writing the essays, not only did I not know where I stood, the opinion of the strength of my essays may vary from one reader to the next. So if you are an applicant riding the fence, much like I imagine I am with Kellogg, those 6 bad boys could be deal breakers.

The whole essay process even starts off on the wrong foot. The "directions" on the applications usually read something like this: Please be informative, creative and concise. While I agree that each word has its own unique purpose in an essay, trying to identify that balance, much less arrive at it, is the greatest guessing game of all. Here is a question: Do those admitted simply not give adcom a reason to reject them? Granted, in some instances, the "facts" of an application (GPA, GMAT, years of work experience, etc.) may eliminate - or secure - some hopefuls in the beginning. So how do adcoms arrive at the other 90% admitted? I hope my essays were more informative, creative and concise than this post.

What a wild and crazy ride!

It has been a long time. I think I just went through one of the strangest 3 months in my life. To highlight:

I spent the latter part of July all through September studying for the GMAT. I took the Kaplan prep course (see previous post for link) and had a nice organized study schedule that I stuck with...for the most part. I took a sufficient number of practice tests and felt ready to tackle the beast. So when I sat down at the early 90's terminal in the Prometric center how did I do...rubbish. All of my practice tests (post-diagnostic) were higher than my score, including the "The Ultimate Practice Test" I completed two weeks prior. On top of that, my friends who had taken the test in the past commented that they always scored HIGHER on the real test than any practice test they had taken. Needless to say, I was devasted. I thought I was done for...a goner.

To avoid wasting my effort and falling into a depressive state, I scheduled "round two" the following day. I figured if I knew that another test had been scheduled, I would focus on my next go-round and worry less about what had happened. I did neither. I just relaxed. I thought about the test less, I studied for the test considerably less, and the weekend before the test, I went to a Chiefs game...tailgating capital of the NFL. The day before the exam, I reviewed some formulas, but that was the extent of it. And what happens when you don't freak yourself out about it...viola! It was euphoric. When the score popped up on the screen, I felt like dancing. Honestly, I think I was just thrilled to be able to focus on another aspect of my applications.

Applied Calculus II

Section of post started in late August:

I have not had a non-stat math class since 1997. However, I keep reading on MBA websites that they "encourage completion of calculus and statistics courses prior to entering." With my intended emphasis in Finance, I thought it wise to brush up on a little calculus, as recommended.

Having had Calculus I...in 1997...for some reason I thought Calc II was the next logical step. I shall provide a truncated overview of my first class:

"Welcome class. Let's start off with a few quick formulas I'm sure you all remember. Our first 12 formulas will be in the areas of integrals and derivatives..." [What followed was the equivalent of chicken scratches on the chalk board]

Section of post completed in early January:

Ultimately, my Calculus II class turned out to be a blessing in disguise. I was reminded that the value of math is how it trains the brain to think. Through math we learn to follow the logical sequence of problem solving: identify problem, determine appropriate method for solving, perform process to arrive at a solution, conclude. As I was taking the class while studying for the GMAT, I found I was doing better on practice exams because I was making fewer mental mistakes. Meaning, my approach to the problems became more consistent.

In conclusion, if you have not had a math class in several years, and do not work with it daily (Excel spreadsheets with formulas do not count), then I would highly advise taking a refresher course at a local college. It looks good on your application and should help improve your GMAT score.

Oh, the disappointment...

Let's be honest. The GMAT matters...a ton. I have accepted this. I have even tried spinning it to my advantage, having performed well on standardized tests in the past. But this test is different. It's less about book-smart and more about process-smart. It's less about memorizing and more about reason. It's not the alpha and omega, it's the alpha > omega - sufficient.

Aiming high, I sought help in the form of experience, expertise, teamwork, and a structured game plan. I needed the Kaplan Classroom Course.

Class 1 - Diagnostic Test. The Diagnostic consists of a pencil and paper test of the verbal and quant sections with the same number of questions and same amount of time as the real thing. Your score is your baseline.

Following the test, I would launch a well constructed study regimen, focusing on the areas of the diagnostic where I struggled. I took good notes, reviewed previous lessons, and most importantly, followed their advice of "don't worry about time right now."

After lesson 4, it was time to take another practice test. This time it was a simulation of the real thing: AWA essays, computer-based, etc. So I jumped into the quant section optimistic...until I realized I had 20 questions and 20 minutes. Needless to say, even my best "strategic guessing" could not get me through the section in time.

The result was demoralizing. All the effort and "progress" for a score less than my diagnostic. I think it is time for a week off to regroup. I guess that is why they have you take practice tests to begin with.

And we're off...

The idea to start a blog originated while I was doing research on MBA programs. Wharton has a link on their web page to an admissions blog. It was great. There was a wealth of information, along with links to student blogs. After spending the afternoon "blofishing" (I seriously doubt that is an accepted term among the blog community), I realized the anxiety, uncertainty, overwhelming feelings I am having were felt by many students...even those that made it into the H/S/W's.

So...to share my experience, and give this HTML thing a shot, I decided to start a blog of my own. I hope you enjoy it. I encourage any constructive feedback you may have.

I'll explain the title later...